Wave Talks - If you can understand their hidden language. The most exciting journey which I had was in pharma stocks as I visualized the fall in Auro at 895 in Aug2016.
Market moves in 5 waves & corrects in 3 waves - which was classical act by Auropharma as per books. The fall was corrective from 895 to 503 & we squeezed early start in Wave- W from 895 highs as mentioned in below updates. X- Wave was complex & formed a triangle - we got the last leg within that triangle("e" leg ) from 648 to 675 & Out in time for the Y- Wave downside.
Y- Wave measured approx 61.8% of W- Wave & Travelled to 503 lows where it resumed it's uptrend.
What Next ?
Upside move from 503 was very sharp to 795- Post 795 it has been doing sideways with double bottom at 665 - so we know any move below 665 support can create problems for auro so till the time 665 is protected downside.
When to execute ?
Strategy 1- Plan to buy close to 665 levels which is double bottom in the zone 665-675 for targets 855- 950 - 1100+ Target - Shall come back to reassess later.
Strategy 2- Plan to buy above 775 - once it pokes above 775 just take care it does not return back inside 775 & also clears above 795- else be cautious.
Result of the update Moved above 814 - Thrust confirmed & later pushed to 895 - Double Top - Time to book profits.
20th Oct2016 Update - Top@895 -is this the end - did you press panic button
Result of the update Price Rejected in 890-900 Zone - Previous Wave 3 High was at 891- had sharp fall to 806 & bounced to 825 - Alarm raised - Did you press the panic button in time.
12th April2017 Update - Doji to give up leg & help forming the triangle
Result of the update X- Wave Triangle (enjoyed "e" wave from 648 lows to 675 & closed the position -right in time before auro crashes)
13th May2017 Update- How can we forget - Bat's Curse in 620-630 zone - be careful - The final collapse
Result of the update Failed in the zone 620-630 & the final collapse.
We have a Kill Roy Pattern ( Inverse Head & Shoulder Pattern) - Edwards & Magee - Famous Bullish Pattern - Target can be Head bottom to Head High on upside.
Trade active
⋅
10:11 Hrs 16th Oct2017
Last Price@759
Partial Profit to be booked intraday between 763-765 - if stops else moving above 765 & holding above can travel next to 775-780 zone.
Trade active
⋅
10:41 Hrs 16th Oct2017
Last Price@759
Try to exit between 759-760 -Once we get a chance - Just missed upside 764 target by 2 points -Made recent high@762
We are out from buy call in auro as markets (Nifty & Bank Nifty started correcting from its highs for the day). That is the reason I gave 763-765 Target zone upside & look it turned down from 762 . Going below 755 - If Nifty shows downside momentum then Auro also can slip along with markets.
Below 755 - It can slip to Neckline support@751-752 where it can rest next if holds then buy with stop loss below 750 once it recrosses above 757 for targets 764 & above 765 for 775 target.
@AbhishekHSinghCMT,
Hi...dint initiate buy coz it touch 800 yesterday nd was bit down...today 15 rs down..thanks again for the advise.
mihirksh
⋅
@AbhishekHSinghCMT .... SIR PLEASE CHECK THIS FLAG PATTERN invst.ly/5j8lc ... on right path ? your suggestions plz ... thanks
WaveTalks
⋅
@mihirksh, That is correct you can call this flag -if 775 -breaks on upside -Then it is heading for targets mentioned above. Let it first cross 775 & 2nd test is 795. If not then it slips downside side- now downside only below 740 mark.
pvmahadevan
⋅
you r a genius !!
WaveTalks
⋅
@pvmahadevan, We all are genius. It is just that some recognise in early stages & some at late stages. You should read the book - "The Placebo Effect" Just think that you are genius & here you go - you become a genius -yes, you have to work as well to make the picture live. Caution- never think negative.
Hope you are doing good!
Double bottom break out is ready for this as per your study. Can I initiate cash buy on Monday for 895 TGT?